§ 35A-1303. Fund from sale has character of estate sold and subject to same trusts. - North Carolina Statutes

§35A‑1303.  Fund from sale has character of estate sold and subject tosame trusts.

Whenever, in consequence ofany sale under G.S. 35A‑1301, the real or personal property of the wardis saved from demands to which in the first instance it may be liable, thefinal decree shall declare and set apart a portion of the personal or realestate thus saved, of value equal to the real and personal estate sold, asproperty exchanged for that sold; and in all sales by guardians whereby real issubstituted by personal, or personal by real property, the beneficial interestin the property acquired shall be enjoyed, alienated, devised or bequeathed,and shall descend and be distributed, as by law the property sold might andwould have been had it not been sold, until it be reconverted from thecharacter thus impressed upon it by some act of the owner and restored to itscharacter proper. (1987, c. 550, s. 1.)